Biden’s Fed Nominee to Face Senate Questioning
President Joe Biden’s nominee for Vice Chair of Supervision at the Federal Reserve, Michael Barr, will be questioned today by the US Senate Banking Committee.
Previously, Barr served as assistant Treasury secretary for financial institutions following the 2008 Financial Crisis, where he was crucial in designing the Dodd-Frank Act. The Biden Administration has advanced Barr to Senate Republicans as a moderate replacement to Biden’s initial choice, Sarah Bloom Raskin, who withdrew her candidacy after Senate Republicans blocked her nominations over her stance on the financial risks posed by climate change.
Biden has struggled to confirm his nominee in the senate since entering office. Of the 521 nominees Biden has selected to fill more than 1200 civilian positions, only 369 have been confirmed by the senate, with an average of 103 days taken to confirm these nominees.
Expect the US Senate to confirm Barr to the Federal Reserve board following today’s hearing. However, the slow confirmation process has resulted in crucial leadership gaps. The administration still requires confirmation of key positions in the treasury, defense and state departments. It is likely nominations will remain bogged down in the long-term as Biden faces continued challenges from senate Republicans slowing the pace of confirmation.
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